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Business Loans in Madurai

Special Schemes for Women Entrepreneurs

Are you a woman entrepreneur striving to run a successful enterprise in Madurai? Now you can get the financial support you need with the help of these excellent government schemes-

 

 

          1. Trade-Related Entrepreneurship Assistance and Development Scheme

 

A flourishing business is backed by a reliable source of finance and the expertise of the business owner. So, to help women entrepreneurs start their businesses, the Trade-Related Entrepreneurship Assistance and Development Scheme offers financial and training assistance to help grow your business in this competitive market.

 

          2. Synd Mahila Shakti Scheme

 

Under the Synd Mahila Shakti scheme, women entrepreneurs who are small business owners, retail traders, and self-employed can avail of finance up to Rs. 5 crores to start a new business or expand their existing one. What’s more, you will also get a free credit card under this loan scheme.

 



Purpose of Business Loans

As the city of Madurai continues to grow economically, running a business here can be profitable but equally demanding. In such a case, you can avail a business loan for the following purposes-

 

 

          1. Fulfill working capital needs

 

To ensure the smooth functioning of your business operations, you need a regular supply of working capital for everyday expenses. These include salaries, rent, utility bills, credit, and more. If you find yourself low on working capital, avail a business loan from Tata Capital for seamless operations.

 

          2. Scale your business

 

Once your business picks speed, it is wise to start thinking about expanding your operations. Naturally, it will require significant capital investment – be it a new product launch, entering a new market, or expanding office premises. In such a case, you can get a business loan from Tata Capital to ease your worries and watch your business grow.

 

          3. Repair machinery

 

A business loan can provide you with enough funds to repair and upgrade your machinery to maximise your business potential and thrive in the competitive market.

Know more about our offering

Key Features

Loan Amount

₹5,00,000 - ₹75,00,000

Loan Tenure

12 - 36 months

Interest rate starting at

19%

BUSINESS LOANS IN MADURAI ADVANTAGES

High loan amounts:

Business loan amounts can go up to Rs. 75 lakhs based on your business needs, such as expansion, inventory, working capital, and more.

Flexible tenures:

Business loans have tenures that can extend up to 3 years based on the customer’s requirements.

Minimal documentation:

You can apply online for a business loan with minimal documentation and no cumbersome paperwork.

Quick approval and disbursal:

The verification and approval process is quick, and you can get your loan amount credited to your bank account in just a few days.

High loan amounts:

Business loan amounts can go up to Rs. 75 lakhs based on your business needs, such as expansion, inventory, working capital, and more.

Flexible tenures:

Business loans have tenures that can extend up to 3 years based on the customer’s requirements.

Minimal documentation:

You can apply online for a business loan with minimal documentation and no cumbersome paperwork.

Quick approval and disbursal:

The verification and approval process is quick, and you can get your loan amount credited to your bank account in just a few days.

What are Interest Rates for Business Loans in Madurai?

In Madurai, several lenders and NBFCs provide business financing options. You can easily get a business loan in Madurai to arrange cash for your business, hire more workers, buy new equipment, expand your business, take your brand online, and many other purposes. Business Loans interest rates in Madurai depend on several factors such as your CIBIL score, income, business vintage, company tenure, and annual turnover. A high CIBIL score and a stable income increase the chances of your loan getting approved quickly and bagging lower interest rates. Additionally, if your company has been operational for several years, you can get preferential interest rates for your business loan.

Tata Capital offers you some of the lowest business loan interest rates in Madurai, so you can grow your business without worrying about the burden of repayment. 

What are the eligibility criteria for a Business Loans in Madurai?

Business loan eligibility comprises basic conditions like CIBIL score, age, business turnover, and more that candidates must fulfil to avail business finance. Here are the Business Loans eligibility criteria for Tata Capital:

  • Age should be between 25 to 65 years

  • CIBIL score must be 700 or more

  • The candidate should own a business at least profitable for three successive financial years

  • The business turnover must display an upward trend

  • Your balance sheet be audited by a registered Chartered Accountant (CA)

What are the documents required for getting Business Loans in Madurai?

The following documents are required for availing of a Business Loan:

  • Last six months’ company bank statements

  • Last two years' Income Tax Returns

  • Last two years' balance sheet and Profit & Loss accounts

  • KYC documents of the company

  • KYC documents of the business owners

  • A report with detailed information about how the candidate will utilise the Business Loan

  • Photo identity proof (Aadhar card/ Driving licence/ Voter ID/ Passport)

  • Bank statements

  • Business proof

How to calculate EMI for Business Loans Online?

The EMI that you will be required to pay towards the repayment of your Business Loans in Madurai depends on three factors:

  • Principal loan amount – The higher the principal amount, the higher will be the EMI amount you will need to pay.

  • Rate of Interest – The higher the rate of interest, the higher will be the EMI amount you will need to pay.

  • Loan Tenure – The EMI is inversely related to the loan tenure. The shorter the loan tenure, the higher will be the EMI amount you will need to pay.

The quickest way to assess your business loan EMI in Madurai is using a  Business Loans EMI calculator Simply input the principal amount, rate of interest, and your loan tenure. The tool will calculate the EMI you will have to pay each month. 

HOW TO APPLY FOR A BUSINESS LOANS ONLINE IN MADURAI

OTHER WAYS TO APPLY FOR A BUSINESS LOANS IN MADURAI

You can reach out to us in various ways to apply for a Business Loans in Madurai:

  • Visiting our Branch: To apply for a business loan offline, simply pay visit to one of our country-wide branches and seek guidance from our loan specialists.

  • Call us to apply: With Tata Capital, you can apply for a business online with just a call. Simply contact us at 1860 267 6060 and we will walk you through the process.

  • Apply with our Virtual assistant: You can take the help of our loan processing virtual assistant to apply. 

FAQ

A business loan is an unsecured form of credit designed to fund the various capital needs of a business. Using different types of business loans, companies can scale new heights with increased manpower, advanced equipment, and faster turnaround time.

Here’s why our Business Loan is the perfect match for you:

  • We don't ask for any security or guarantor for our Business Loan
  • You get the flexibility of choosing from business loan repayment options
  • For our existing customers, we regularly provide exclusive pre-approved offers on business loans
  • Convenient Online access to all details regarding your business loan.
  • We offer unsecured business loans up to ₹ 75,00,000
  • We seek minimum documentation
  • We give you quick online approval once you share the minimum documents we need

You can repay through Post Dated Cheques, Electronic Clearance Service (ECS) or Direct Debit.

Business loans are available to both professionals and non-professionals that are self-employed. Business loans interest rates are highly competitive and are typically approved quickly. The following types of companies can secure business loans –

  • Sole proprietorship

  • Partnership firm

  • Private limited companies

  • Closely-held public limited companies

  • Societies

  • Trusts

  • Hospitals, nursing homes, diagnostic centres, pathological labs 

A typical structure of a business loan involves a lending institution extending capital to a business owner, for which interest is charged. The business owner must pay back the business loan amount along with the applicable interest, in the form of Equal Monthly Instalments (EMIs), over a predetermined period of time known as loan tenure.

Three core components make up a business loan –

  • Principal amount – Also known as the loan amount, the principal is the sum of money a business owner borrows from a lending institution.

  • Rate of interest – The rate of interest is the cost of borrowing the business loan, generally expressed as a percentage of the principal amount. This is the amount that you need to pay in addition to the principal loan amount.

  • Loan Tenure – The tenure is the period for which the business loan is borrowed. Business loan tenure is calculated from the date of first disbursement till the date of payment of the final disbursement. 

To avail a business loan, one must ideally have a CIBIL score of 700 or above. The same is true for both self-employed professionals such as doctors and engineers as well as self-employed non-professionals such as suppliers or manufacturers.

CIBIL or credit score plays a huge role in determining business loan eligibility. Since a company’s CIBIL score is its credit footprint, it enables lenders to know the timely repayment ability of the business loan applicant. 

Business loans are typically short-term loans. Though business loan tenure may differ from lender to lender, most lending institutions extend business loans for a tenure ranging from 12 months to 36 months. 

Lending institutions offer different types of business loans, designed to meet specific needs. They are as follows –

  • Machinery loans – Machinery loans are designed exclusively to meet the expansion needs of businesses via the purchase of advanced machinery and equipment.

  • MSME/SME loans – Designed to encourage the growth of small and medium-sized business enterprises, MSME/SME loans is a credit facility that can be availed for purchasing equipment, meeting operational expenses, and upgrading infrastructure.

  • Business loans for women – These loans are extended to women business owners to help them expand their business and push them towards financial independence. 

The amount of business loan EMI that you will be required to pay towards the repayment of your business loan will largely depend upon three factors, as given below –

  • Principal loan amount – The higher the principal amount, the higher will be the EMI amount you will need to pay.

  • Rate of Interest – The higher the rate of interest, the higher will be the EMI amount you will need to pay.

  • Loan Tenure – The EMI is inversely related to the loan tenure. The shorter the loan tenure, the higher will be the EMI amount you will need to pay.

    For a quick and accurate assessment of your business loan EMIs, use a handy online tool such as the business loan EMI calculator

You can get a business loan from the lending institution of your choice in a number of ways, depending upon your convenience and the options offered by your lender.

  • Visit a nearby branch

  • Apply online via the lender’s website

  • Talk on call with the lender’s relationship managers

  • Send an email to your lender’s customer support mail address

  • Use the lender’s 24x7 virtual assistant feature

To avail a business loan with Tata Capital, simply apply for a business loan online or call on 1860-267-6060. You can also mail us at contactus@tatacapital.com or visit any of our branches.                     

Yes, just as your CIBIL score has a say in your business loan approval, your repayment of the business loan will affect your future credit score. Timely payment of loan EMIs will pose you as a low-risk borrower in the eyes of future lenders and hence, will enhance your CIBIL score. 

Business loans can be availed for a variety of reasons. You can use different types of business loans to purchase infrastructure for expanding operations, to increase production via the purchase of new and advanced machinery, to purchase and store inventory in advance of seasonal sales, to build a workforce of skilled employees, and to increase working capital. 

Yes, you can get a business loan without any collateral or security. 

You can take an online business loan for your online retail store or e-commerce website. You must fulfil the following criteria for swift online business loan approval:

  • CIBIL score should be above 700

  • Your business must be profitable for three consequent financial years

  • Your turnover must show an upward trend

  • A CA should audit your balance sheet

Business owners have business and personal credit.

Loans for sole proprietorship and partnership businesses are guaranteed by an individual. So, the loan is reflected in your personal CIBIL report. However, if your company’s structure is LLC, then the business loan affects only the business’ CIBIL score. 

Any interest levied on a business loan is exempt from taxation. This is because the interest paid is considered to be a business expense and not revenue. Registering as an MSME can also help you avail of business loan tax benefits on excise and other charges. 

However, the principal amount is not tax-deductible.

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